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U.S. Stocks Decline; Oil Futures Fall Below Zero: Markets Wrap

  • Crude contract is negative for first time since trading began
  • Treasury yields slip, dollar advances with precious metals
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“Given that the policy focus from governments and central banks has been to support the corporate sector, we like investment grade credit,” says Generali Investment’s Vincent Chaigneau.Markets: European Open. (Source: Bloomberg)
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U.S. stocks fell from a six-week high, with investors on edge as oil futures plunged to unprecedented levels and a spate of corporate earnings on tap.

The S&P 500 halted a two-day gain and the Dow Jones Industrial Average fell more than 2%. Chevron and Exxon led losses in the blue-chip index as West Texas oil futures expiring Tuesday turned negative for the first time, primarily because the end of the May contract forces physical receipt at a time when storage capacity is low. June prices fell below $22 a barrel.